Archive for the ‘Life Insurance’ Category

Valentineâ€™s Day is great time to focus on the relationships in your life. We often spend this day showering our loved ones with gifts, loving words and delicious meals, but something we often overlook is the love one can express by simply planning for the future together.

Itâ€™s not always about the most expensive or lavish gift you can find, because at the end of the day knowing that you and those you care about will be financially comfortable and protected in the future can truly be the greatest gift.

Take time this month to sit down with your partner, spouse, or significant other to review your financial picture. Here are four helpful ways to get started this Valentineâ€™s Day:

1. Look more closely at what you are each spending your money on and if you have any sort of nest egg to fall back on in the future. Use this fact sheet to help you keep track of your spending.

2. This is a great opportunity to become aware of your significant otherâ€™s employee-sponsored or other retirement plans and assets. Here are some retirement plan basics to keep in mind in this process.

4. Most importantly, every love nest should have an organized file on hand with all of your important financial documents. Our FactSheet, â€œFinancial Documents: What to Keep and Where,â€ will help your organization and preparation, which make for great gifts that will carry you well into the future.

So do something different this Valentineâ€™s Day and let your loved one know that your love runs deeper than diamonds and roses; It runs all the way into retirement. Now thatâ€™s a loving investment. Happy Valentineâ€™s Day!

This week, we chatted with WISER Senior Policy Analyst Laurel Beedon about Viaticals. If you still have questions on viaticals or you’re just looking for more information, here’s WISER’s list of Viaticals resources:

American Council on Life Insurance1001 Pennsylvania Avenue, N.W.Washington, DC 20004-2599www.acli.org

For more information, you can also contact your state insurance commissioner or state attorney general. The National Association of Insurance Commissioners has state-by-state contact information for insurance commissioners here.

Donnie Walhberg is spending some time away from his duties as frontman of the newly reunited New Kids on the Block to act as the spokesman for National Life Insurance Month. Wahlberg became aware of the importance of life insurance after he lost his sister, Debbie, when she was just 44. Debbie left behind a sixteen year old son and no life insurance. Wahlberg’s nephew was lucky to have a family that was able to provide him with emotional and financial support following his mother’s death. But many in a similar situation would face unwanted financial vulnerability at a time when economic stability is probably the last thing on their minds.

“She was a young woman with her whole life ahead of her, but like so many people, she didn’t think about the ‘what ifs,'” Wahlberg says in an interview with IFAwebnews.com. Unfortunately, many women choose not to address the “what ifs” in their financial planning. According to Life and Health Insurance Foundation for Education, only 59% of women have life insurance, compared to 64% of men. Women also tend to be under-insured when it comes to their life insurance: the Life and Health Insurance Marketing Research Association (LIMRA) says men carry an average death benefit of $143,100 while women carry an average death benefit of$76,000.

Each wage earning spouse should buy enough life insurance in their working years to cover all of the coupleâ€™s joint debts, like mortgages and student loans, plus 20 percent. The extra 20 percent is a precaution in case there isnâ€™t an opportunity for employment or benefits to begin after a partnerâ€™s death. Often, people will work with a reputable insurance agent to find homeownerâ€™s insurance, life insurance and long-term care insurance. Talk to several agents before choosing one, and ask friends and family members for recommendations. Your state Insurance Commissioner will also have resources and a list of companies to contact. Check out the possibility of reduced rates for umbrella policiesâ€”such as policies that cover your home and car both.

WISER

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WISER is a nonprofit organization that works to help women, educators and policymakers understand the important issues surrounding women's retirement income. WISER creates a variety of consumer publications including fact sheets, booklets and a quarterly newsletter that explain in easy-to-understand language the complex issues surrounding Social Security, divorce, pay equity, pensions, savings and investments, banking, home-ownership, long-term care and disability insurance.

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